The DAX Index Opens 0.95% Higher

The DAX 40 jumped nearly 2% to near 24,700 on Friday, the biggest daily gain since May 25, in line with other European peers, amid hopes for an end to the Iran war. Oil prices declined after President Trump had canceled his planned attacks on Iran, scheduled for Thursday evening, and once again said that a peace deal was imminent. Attention also turned to the anticipated SpaceX IPO, which could become one of the largest in history. Banks, travel stocks, energy-sensitive industrials and automakers advanced strongly. Deutsche Bank climbed over 5% and Commerzbank advanced more than 3%. Airline Deutsche Lufthansa surged 3% and tourism operator TUI gained around 4.5%. Heidelberg Materials, Airbus, MTU Aero Engines, Siemens Energy, Siemens, Volkswagen and Mercedes-Benz Group were also among the top performers, rising between 2%-5%. On the flip side, laggards included defence names such as Rheinmetall (-1%) and chemical firms including Brenntag and BASF (-0.8%).

The DAX Index is picking up 230 points or 0.95 percent on Friday. Gains are led by Deutsche Bank (3.34%), MTU Aero Engines AG (3.26%) and HeidelbergCement (3.20%). Biggest losers are Rheinmetall (-1.49%), Infineon (-0.77%) and BASF (-0.50%).

The DAX Index rose 14 points or 0.06 percent on Thursday to close at 24210 points. Leading the gains are Siemens Energy (6.00%), RWE (3.38%) and Infineon (2.74%). Top losers were SAP (-6.53%), Deutsche Telekom (-3.11%) and Siemens Healthineers (-2.05%).